Why Businesses Exist?

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  • Created by: tonisha_
  • Created on: 16-09-21 19:35
What is the main purpose of businesses?
to provide goods and services
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What are goods?
physical items
2 of 17
For example?
books
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What are services?
actions performed by other people
4 of 17
For example?
a hairdresser
5 of 17
Businesses are set up for various reasons.
What are 4 main reasons?
When someone makes a good or provides a service someone will want to pay for

To distribute goods

To benefit other people

They see a business opportunity
6 of 17
How many sectors of the economy are there?
3
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What are these three sectors?
Primary
Secondary
Tertiary
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What does the Primary sector do?
produces raw materials or any natural resources which can be used to make goods or services
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What are some examples?
mining
growing
collecting
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What does the Secondary sector do?
manufacture goods
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What do they do to the raw materials?
turn them into goods
12 of 17
What is an example?
a chocolate factory turns cocoa and milk into chocolate
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What does the Tertiary sector do?
provide services
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What do some firms provide for? (2)
other businesses
consumers
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What may be used by both?
financial firms
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What are some examples?
banking
insurance
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Other cards in this set

Card 2

Front

What are goods?

Back

physical items

Card 3

Front

For example?

Back

Preview of the front of card 3

Card 4

Front

What are services?

Back

Preview of the front of card 4

Card 5

Front

For example?

Back

Preview of the front of card 5
View more cards

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